13.08.2014 14:48:37

Pinnacle Foods Swings To Profit In Q2; Backs FY Adj. EPS Outlook - Quick Facts

(RTTNews) - Pinnacle Foods Inc. (PF) posted a profit for the second quarter of 2014 and reaffirmed its guidance for double-digit earnings per share growth for the year. Net sales were up nearly 9% year-over-year, mainly reflecting the benefit of the Wish-Bone acquisition, and earnings per share advanced 22%, on a pro forma basis, excluding items affecting comparability.

Quarterly net earnings were $35.6 million, as against a loss of $31.8 million in the prior-year period. Excluding items affecting comparability, on a pro forma basis, net earnings for the second quarter increased approximately 23% to $38.3 million, from $31.2 million in the year-ago period.

For the quarter, GAAP earnings per share amounted to $0.30, compared with a loss of $0.28 in the year-ago period. Excluding items affecting comparability, on a pro forma basis, earnings per share totaled $0.33. On average, 11 analysts polled by Thomson Reuters expected earnings per share of $0.33 for the quarter. Analysts' estimates typically exclude one-time items.

Net sales for the quarter increased 8.6% to $617.8 million, from $569.0 million in the second quarter of 2013, due mainly to a 9.6% benefit from the Wish-Bone acquisition and a 2.0% increase from higher volume/mix, largely reflecting the benefit of the Easter-related shift of sales from the first quarter to the second quarter of 2014. Partially offsetting this growth was lower net pricing of 2.8%, stemming from Easter-related promotional activity and trade investments made during the quarter to enhance competitiveness at retail. Also impacting the comparison was unfavorable foreign currency translation of 0.2%. Eight analysts estimated revenues of $629.33 million for the quarter.

For fiscal 2014, the firm confirmed its adjusted earnings per share guidance in the range of $1.70 - $1.75, or growth of 12% to 15% versus last year. Eleven analysts project annual earnings of $1.74 per share.

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